Saturday, November 23, 2024

Scott Bilker
Household Math™: Choosing a Selling Price
by Scott Bilker
 
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.

Test your knowledge by trying to solve these DebtSmart, Household Math problems! After you complete the problem you’ll get the solution and explanation.
 
1. Jack and Jill put their house on the market to sell when 30-year fixed mortgage rates were 8%. They listed their 3-bedroom ranch for $135,000 because they knew that the monthly payment is exactly what most people can afford.

Since that time 30-year mortgage interest rates have fallen to 7%. Jack and Jill know that since mortgage rates have dropped people can afford to pay more for their house with the same monthly payment they would get at the old, higher rate.

How much can Jack and Jill sell their house for now and keep the monthly payment as affordable as it was when they originally put the house up for sale?
$135,405
$138,777
$142,149
$145,521
$148,893
$152,265
$155,637
I don't know!



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